Home -> Areas
of Law -> Real
Estate Attorneys
Attorney Search Network - San Bernardino
Lawyers works with several San Bernardino
attorneys and law firms who have experience and
expertise in dealing with all real estate issues
and are committed to providing the highest quality
of competent legal representation. If you are
looking for a qualified San Bernardino attorney,
contact us today at (800) 475-6068 or fill out
our “Find
a San Bernardino Lawyer” form. A qualified
San Bernardino lawyer may make your real estate
case easier to understand as well as deal with.
Property | Mortgage | Home Equity
Loans
Property signifies dominion or right of use, control, and
disposition which one may lawfully exercise over
things, objects, or land. One of the basic dividing
lines between property is that between real property
and personal property. Generally, the term real
property refers to land. Land, in its general
usage, includes not only the face of the earth
but everything of a permanent nature over or under
it. This includes structures and minerals.
There are further divisions within the real property
classification. The most important are freehold
estates, non freehold estates, and concurrent
estates. (Others are future interests, specialty
estates, and incorporeal interests). Freehold
estates are those in which an individual has ownership
for an indefinite period of time. An example of
a freehold estate is the "fee simple absolute",
which is inheritable and lasts as long as the
individual and his heirs wants to keep it. Another
example is the "life estate", in which
the individual retains possession of the land
for the duration of his or her life. Non freehold
estates are property interests of limited duration.
They include tenancy for years, tenancy at will,
and tenancy at sufferance. Concurrent estates
exist when property is owned or possessed by two
or more individuals simultaneously.
Mortgage
A mortgage is a document in
which the owner guarantees a title to real estate
to a lender as security for a loan described in
a promissory note. To be enforceable the mortgage
must be signed by the owner (borrower), acknowledged
before a notary public, and recorded with the
County Recorder or Recorder of Deeds. If the owner
fails to make payments on the promissory note
then the lender can foreclose on the mortgage
to force a sale of the real estate to obtain payment
from the proceeds, or obtain the property itself
at a sheriff's sale upon foreclosure.
A purchase-money mortgage is one given by a purchaser
to a seller of real estate as partial payment.
A mortgagor may sell the property either "subject
to a mortgage" in which the property is still
security and the seller is still liable for payment,
or the buyer "assumes the mortgage"
and becomes personally responsible for payment
of the loan. California is one of 14 states that
use a "deed of trust" as a mortgage,
in which the title is technically given to a trustee
to hold for a beneficiary.
Top^
Home Equity Loans
Home equity loans are often
used to consolidate other debt with higher interest
rates such as credit card debt, or to finance
costly expenses such as a wedding or educational
expense. Two main types of home equity loans exist.
The first type is the traditional second mortgage,
and the second is a home equity line of credit.
Real Estate Attorneys